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How to get holiday loans with no credit check?

Holidays can be an expensive affair and most of us end up overspending when out enjoying a vacation. Surveys have shown that winter holidays usually cost an average of around $1000 in expenses, plus transportation costs, plus around $500 for gifts. Thus, a holiday loan can be of great help before going on a vacation.

If you have good credit, then it is quite easy to get a personal loan and use it to go on a holiday. But loans can be difficult to avail when you have bad credit. Listed below are some ways in which you can get holiday loans with no credit check.

  • Save money: The best way to get a holiday loan is to save money, each month, for the holiday. Thus, when the time for the vacation arrives there is a pot of savings that you can dig into and spend for the much awaited holiday.
  • Financial lenders: There are some credit unions and banks that may offer holiday loans with no credit check. Such loans are generally of 2 types, i.e., secured loans and unsecured loans.
    • Some kind of collateral is required for secured holiday loans. You can use the equity on your home or some other property or asset to avail the loan. It is vital for consumers to repay the loan on time else the collateral will be seized by the lender. The amount that consumers can avail as secured holiday loan is typically larger than an unsecured loan.
    • Unsecured holiday loans do not require borrowers to offer collateral. However, such loans come with a really high interest rate. Unsecured loans carry a very high risk of default with no means of collecting it and hence the interest rate is high. Increased risk is undertaken by lenders as the high interest rate offers the potential of considerable profit.
  • Pawn stores: If you have some item of value, then you can deposit it at a pawn shop and get a holiday loan with no credit check. It is important to repay the loan on the stipulated date to get back your valuable item else it will be sold off by the pawn shop owner to get back the loaned money. Borrowers have to get a written agreement and read the terms carefully before taking the loan from a pawn shop. This will help prevent any kind of misunderstanding.
  • Loan from family or friends: This option can have an adverse effect on relationships if you fail to repay the loan. But one of the best things about taking a home loan from family or friends is the fact that it does not necessarily entail payment of interest or a credit check.
  • Credit cards: There will be no credit check when you take out cash from your credit card. But this option for a holiday loan comes with many negative aspects. First, you can withdraw only a fixed amount of cash from credit cards and that amount may not be sufficient to last the holiday. Second, the interest rate charged for cash withdrawal on credit cards is different from the interest rate levied for purchase of goods using the card. The interest associated with cash withdrawals is typically very high and repaying the loan can become unaffordable.
  • Payday loans: Payday loans are loans that are offered by different lenders on the basis of your paycheck and with no credit check. You will get into a contract with the payday loan lender who will offer the holiday loan and take the repayment whenever you get the next paycheck. Payday loans often come with a higher interest rate as they are unsecured loans.

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